Regarding unprecedented concentration, wasn't the nifty fifty era comparable for the top 10, about 40%?
This is pretty close to current concentration, but the current top 10% is basically all technology except for Eli Lily at 1.5%, so in that sense it's arguably unprecedented.
There's a good chart here on page 5 of top 10 weights over time, and on 6 of how the 1965 top 10 fared to 2025.
https://corporate.vanguard.com/content/dam/corp/research/pdf...